Ethereum Is in Decline but Risks Falling below $3,600
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Ethereum Price Long-Term Analysis: Bearish
Ethereum (ETH) price has dropped between the moving average lines but risks falling below $3,600. Ether is falling as it fails to break the $4,000 psychological price barrier. The largest altcoin has dropped below the 21-day SMA but remains above the 50-day SMA. The crypto’s price has fallen to a low of $3,587 at the time of writing. Ether is currently plummeting after retesting the 21-day SMA.
If the selling pressure continues, the altcoin will fall even deeper to a low above the 50-day SMA. In other words, Ether risks decline above the $3,075 support. Meanwhile, ETH/USD is staying above the $3,500 support level as buyers want to resume an upward trend above the 21-day SMA.
Technical indicators:
Major Resistance Levels – $3, 600, $3,800, $4,000
Major Support Levels – $2.600, $2, 400, $2,200
Ethereum Indicator Analysis
Ether is trading between the moving average lines following a drop below the 21-day SMA. Bulls and bears will both attempt to take the price under their control when it is in a range. On the 4-hour chart, the price bars are below the moving averages. However, the cryptocurrency price is battling to break above the 21-day SMA. If the moving average lines reject Ether, its price will fall.
Conclusion
On the 4-hour chart, Ether is declining below the moving average lines but risks falling below $3,600. The largest altcoin trades in a narrow range below the moving average lines. On March 17, the altcoin returned to the prior low above the $3,400 support. This will be the second time the bears will test the existing support level of $3,400.
During the initial decline, bulls bought dips and resumed the upward trend. However, the crypto signal would turn negative if the current support was broken.
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